Under the new regulations, BI argues that foreign exchange flows are instrumental in the rupiah's stability and it needs data on import payments, not just on export earnings. Importers buying oversees goods worth at least $10,000 will have to report their transactions to BI from Jan. 1,2020, the central bank said
JAKARTA: Indonesia's central bank announced new regulations on Wednesday requiring importers to report how much foreign currency they use for overseas purchases from next year, in a move to step up monitoring of money flows.
Bank Indonesia (BI) has since 2012 ordered exporters to receive their earnings through local banks, hoping that some of the funds would be kept onshore to increase domestic savings and make the rupiah currency less volatile.
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